CHINA TOPIX

11/02/2024 07:31:44 am

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China, Russia Increase Bilateral Trade in Digital Age

China, Russia Increase Bilateral Trade In Digital Age

(Photo : Reuters)

The digital age has made possible the growing e-commerce trade between China and Russia, with the two nations exchanging cheap goods such as food and organic ingredients quicker than ever.

Last month, Russian food was showcased at the China-Russia expo held in Northeast China's Heilongjiang province. These included beer, honey, flour, fruit juice, and vegetable oil.

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Heilongjiang shares a 3,000 kilometer border with Russia and is an important gateway to the mainland.

Delivery of goods to China is made quicker after the establishment of a 'one-stop customs clearance' service in Suifenhe. Within two hours, the goods are already in the mainland.

Wang Jianpeng, general manager of a Russian food e-commerce company, said the Chinese people enjoy and love organic Russian food, and that his company is enjoying comfortable profits from the e-venture.

The expo was attended by more than a thousand businessmen from more than a hundred countries and regions. Wang attended the expo and promoted his WeChat account.

"Our WeChat platform was launched in mid-September, and we now boast more than 800 traders distributing Russian goods. Our daily sales volume hit more than 100,000 yuan($15,873) within 10 days," he said.

China remains the largest trade partner of Russia for five straight years, while Russia continues to enjoy being the ninth trade partner of China worldwide.

Bilateral trade between the two nations jumped to a record high of 6.8 percent this year compared to last year. In 2014 mutual trade was estimated at $95.28 billion.

Jiang Zhenzun, a Russian studies expert at the Heilongjian University, said Russia has become one of the most attractive and lucrative markets of China's e-commerce business.

He said that during Singles' Day, the largest shopping festival launched by Alibaba Holdings last November 11, Russian shoppers formed the bulk of customers among its overseas clients.

Records showed that in 2013 alone, more than 300 million packages shopped online were delivered  from China to Russia.

In 2014, the figure increased to 700 million and Chinese online firms said they expect the figure to reach one billion by the end of this year.

Economists are praising China's active e-commerce services saying that with more profits coming in, more jobs are being created and translating to more Chinese families living a little more comfortably.

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